It's not something most people want to think about, but planning for funeral and burial expenses now can bring peace of mind not only to you but also to your loved ones when the time comes. The first step is to determine what your wishes are, whether that be full burial services or cremation. The next is to add burial insurance to your financial plan.
How Does Burial Insurance Work?Burial Insurance policies are a special type of life insurance, usually whole life insurance. This means that as long as your premiums are paid, the insurance will be there throughout your entire lifetime. You designate anyone you want as the beneficiary who will see to your final wishes.
The Top Burial Insurance CompaniesBurial Insurance rates can vary, and not all insurance companies carry these types of policies. Some rates are as low as $1/day. Here are the top ten providers:
AARP, although not an insurance company itself, partners with New York Life to provide various insurance policies to its members. The AARP burial policy has guaranteed acceptance, which means you cannot be turned down, even if you have pre-existing health issues. You must be an AARP member and be between 50 and 80. Coverage amounts can be up to $25,000.